Guide on Maybank Home Construction Loan Features & Application
MAYBANK HOME CONSTRUCTION LOAN – Here is a guide on the offer of the bank that is ready to finance the building of a house.
A lot of people prefer buying a lot and constructing their dream house on a piece of land they have acquired. Many of us has his/her own structural and architectural plans in mind on how we want our dream house to be.
However, truth be told that buying a parcel of land and constructing a house are two (2) things that would require you huge amounts of money. Meanwhile, there is no reason to fret. There are entities that can help you achieve both.
Aside from the Home Acquisition Loan offer of Maybank, the bank also has a Home Construction Loan that is ready to build your dream house.
Under the Maybank Home Construction Loan offer, you can borrow at least Php 1 million up to 80% of the appraised value of the land. The maximum loan term allowed by the bank is 30 years. Thus, there is really an option for light monthly installments.
With regards to the interest rate, it depends on your chosen fixing term. The options include 1, 3, and 5 years. Here are the fixing rates set by the bank:
- 1 year fixing : 6.75% p.a.
- 3 year fixing : 7.25% p.a.
- 5 year fixing : 7.50% p.a.
Who are qualified to apply for the Maybank Home Construction Loan offer? Here are the eligibility requirements set by the bank under the loan offer:
- age plus the term of the loan should not be more than 65 years old once the loan matures
- gainfully employed in a reputable company for at least 2 years or own a business that has been registered and operational for at least 3 years and has been profitable in the last 2 years
- For Overseas Filipino Workers (OFWs) — a contract of employment for 2 years
- For Seafarers — at least in an officer level position and should be working for at least 2 continuous years
In the case of seafarers and overseas Filipino workers (OFWs), an attorney-in-fact is required by the bank. In applying for the loan offer, there are requirements for the Maybank Home Construction Loan application process.